For the following indenendent cases, in the space provided, calculate the amount of revenuethat should be recordeu in 2019 under the revenue recognition principle (point of sale).1. Company A rents office space to tenants. On October 1, 2019 they collected$18,000 from a tenant which represents 12 month's rent paid in advance.2. Company B sells heavy equipment. On December 1, 2019 a customer paid a$10,000 deposit towards the purchase of a $50,000 piece of equipment. Theequipment was delivered on January 16, 2020 and the balance was paid that date.3. On December 29, 2019 Company C ships $15,000 worth of goods to a customer, F. O.B. destination. The goods arrive on January 3, 2020at the customer's office. Thecustomer pays for the goods On February 1, 2020.4. Company D provides legal services for clients. On December 2, 2019 a client hires thefirm and pays a $10,000 advance payment. The firm did $4,ĝ00 of service in 2019.

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For the following indenendent cases, in the space provided, calculate the amount of revenue that should be recordeu in 2019 under the revenue recognition principle (point of sale). 1. Company A rents office space to tenants. On October 1, 2019 they collected $18,000 from a tenant which represents 12 month's rent paid in advance.

For the following indenendent cases, in the space provided, calculate the amount of revenue that should be recordeu in 2019 under the revenue recognition principle (point of sale). 1. Company A rents office space to tenants. On October 1, 2019 they collected $18,000 from a tenant which represents 12 month's rent paid in advance.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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